Affordable Senior Housing Lottery Launches for 570 Washington Street in Manhattan's West Village
Lottery now open for 570 Washington Street, developed by Jonathan Rose Companies, Atlas Capital Group, The Baupost Group, and Zeckendorf Development, offering 175 senior residences at 50% AMI.
The affordable housing lottery has officially launched for 570 Washington Street, a 17-story residential building located in Manhattan's West Village neighborhood. Developed by the prominent real estate firms Jonathan Rose Companies, Atlas Capital Group, The Baupost Group, and Zeckendorf Development, the structure offers 175 residences specifically designed for senior citizens.
The building, designed by COOKFOX with SLCE as the architect of record, will feature a range of amenities including a fitness center, a community room, and landscaped outdoor space. The lottery is now open for 122 units, which will be reserved for residents earning 50% of the area median income (AMI). Eligible income ranges from $0 to $87,500.
In a statement, Jonathan Rose Companies CEO Nathan Taft said, "We are thrilled to be able to provide affordable housing options for seniors in such a desirable location in Manhattan. This project is a testament to our commitment to creating diverse and inclusive communities."
With a prime location in the West Village, the building is sure to attract a high volume of applicants for the affordable housing lottery. However, as with many projects of this scale, there has been some controversy surrounding the development and its impact on the surrounding community.
According to sources familiar with the project, there have been concerns raised about the potential for displacement of long-time residents and small businesses in the area. However, city officials have stated that the development adheres to all zoning and land use regulations.
Despite the controversy, the affordable housing lottery for 570 Washington Street presents a unique opportunity